Target CEO says consumers will 'consolidate' shopping trips in 2022 due to rising inflation

The consumer price index spiked 7% in December from a year ago

The highest inflation rate in four decades will force consumers to consolidate their shopping trips in 2022, according to Target CEO Brian Cornell. 

During a National Retail Federation (NRF) event on Sunday, Cornell addressed inflation saying that consumers will be shifting their shopping, eating and driving habits as household expenses continue to increase, according to Bloomberg News. 

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"You’ll drive fewer miles, you’ll consolidate the number of times and locations where you shop," Cornell said. "You’ll probably spend a little more eating at home versus your favorite restaurant, and you might make some trade-offs between a national brand and an own brand."  

A Target store is shown in Philadelphia on Wednesday, Nov. 17, 2021. (AP Photo/Matt Rourke / AP Newsroom)

The consumer price index rose 7% in December from a year ago, according to a new Labor Department report released last week, marking the fastest increase since June 1982, when inflation hit 7.1%.

The CPI – which measures a bevy of goods ranging from gasoline and health care to groceries and rents – jumped 0.5% in the one-month period from November.

Price gains could slow further as snags in supply chains ease, but most economists say inflation won’t fall back to pre-pandemic levels anytime soon. 

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Cornell noted that the company will "learn a lot about how the consumer reacts in the next 60, 90, 120 days to rising prices." 

However, during the NRF event, Cornell did note that major retailer leaders have overcome inflation before, the retail trade association said in a blog post. 

Cornell credited his leadership team and the company's focus on culture for its recent success, the NRF said. 

"We’ve recognized that our culture is all about care, growth and winning together," Cornell said during the event. 

FOX Business' Megan Henney and the Associated Press contributed to this report.